If $x+y=\frac{7}{12}$ and $x-y=\frac{1}{12}$, what is the value of $x^2-y^2$? Express your answer as a common fraction.
Solution: $x^2 - y^2$ factors into $(x+y)(x-y)$, so, to obtain the value of $x^2 - y^2$, simply multiply $\frac{7}{12}\cdot \frac{1}{12}$ to get $\boxed{\frac{7}{144}}$.